Ann: AGM Address and AGM Slides, page-2

Answering AGM questions, CEO Mr Kim Lindsay said COVID-19 had badly affected coastal shipping, as at present a container has to be at a port eight days before shipping, and then he mentioned lengthy cartage and other times. The Board does not see coastal shipping returning to what it was within the next three years, so is confident in its rail strategy.

LAU is railing more than 400 containers across to Perth monthly.

Up to 100 rail containers are travelling Melbourne to Brisbane monthly, and LAU is then filling them southbound back to Melbourne.

In the next year, LAU expects growth of 50 per cent in its rail division the next year. (Stellar, given it's profitable).

Rail operator Pacific National, with which LAU previously signed a four year agreement, has changed the way it undertakes bookings for container slots on its trains. It is 'expanding' some of its trains. (Some may not be full, so what he meant was probably lengthening trains that were shorter than the maximum allowed by route of 1800 metres or 1500 metres, but from observation sometimes it's operating extra intermodal trains).

LAU has an excellent relationship with Pacific National. The agreement is working well. LAU is obtaining container slots and has successfully negotiated more if I correctly heard the Chairman. Sometimes PN guides LAU to trains where PN may have spare capacity. (PN has acknowledged via the media that it wants to operate extra intermodals in calendar 2022, which to my mind may require extra wagons to be procured, and perhaps additional locomotives. It is not an Australian listed company so no concrete news on that front yet).

LAU has recently signed further contracts with freight users for the Melbourne - Brisbane rail route.

Re the return of air freight internationally in the bellies of passenger aircraft from Sydney and Melbourne, Lindsay Fresh is slowly seeing a return. Avocados have gone by sea in FY 21 for the first time.

Mangoes are travelling ( I assume in Lindsay B-Double articulated trucks) from Brisbane to Sydney and then air: more than 800 containers in the past year. (I think this last comment was about mangoes but didn't manage to type quickly enough so if the USA website Tikr in due course transcribes the AGM proceedings, one may wish to check I correctly noted that point).

Re the court matters (see separate 'HC' thread), the company will update the market later.

Given 50 per cent projected growth in railed containers and how LAU said overall revenues from its divisions were already up seven per cent in the first part of FY 22 despite the challenges of COVID-19, this was an extremely positive outlook.

Major holder SOL (the wise Mr Robert Millner) should be happy.